Full Press Release Details
Reports Third Quarter Fiscal Year 2023 Financial Results and Provides Corporate Update
PRAIRIE, Minn., August 14, 2023 (GlobeNewswire) -- NeuroOne Medical Technologies Corporation (NASDAQ: NMTC) ("NeuroOne"
or the "Company"), a medical technology company focused on improving surgical care options and outcomes for patients suffering
from neurological disorders, today announces its operating results for the fiscal third quarter 2023 ended June 30, 2023.
Third Quarter 2023 and Recent Business Updates
Cord Stimulation Program:
Rosa, CEO of NeuroOne, commented, "The Company continues to execute on a number of commercial, development and financing objectives.
We are now beginning to expand the commercial launch of our Evo sEEG electrode with Zimmer Biomet after a successful limited launch.
In addition, we received encouraging feedback from the FDA regarding the Company's recent 510(k) FDA submission of the OneRF Ablation
System and believe our previous timelines remain on track. We are excited by the potential of our drug delivery system currently in development
after recent testing at the Mayo Clinic in Rochester Minnesota. We also recently raised gross proceeds of $6.0 million through a public
offering which included new fundamental institutional investors without having to offer warrants and $2.5 million through the use of
an ATM (at-the-market) facility. I am pleased with the Company's continued execution on our strategic plan and I look forward to
our future progress in the areas outlined."
Third Quarter 2023 Financial Results
revenue was $630,000 in the fiscal third quarter 2023, compared to product revenue of $32,000 in the fiscal third quarter
2022. For the first nine months of fiscal 2023, product revenue was $1.2 million, compared to $102,000 for the same period in fiscal
2022. Collaboration revenue was $1.46 million in the first nine months of fiscal 2023, compared to collaboration revenue of $6,000
in the first nine months of fiscal 2022. Collaboration revenue was derived from the Zimmer Development Agreement and represents the portion
of the exclusivity and milestone fee payments eligible for revenue recognition during the respective periods.
operating expenses in the fiscal third quarter 2023 were $3.8 million, compared with $2.8 million in the same period
of the prior fiscal year. Research and Development (R&D) expense in the fiscal third quarter 2023 was $1.9 million compared
with $1.2 million in the same period of fiscal 2022. Selling, General and Administrative (SG&A) expense in the fiscal third
quarter 2023 was $1.9 million compared with $1.5 million in the prior year period. For the first nine months of fiscal
2023, total operating expenses were $10.5 million, compared with $8.6 million in the same period of the prior fiscal year.
R&D expense in the first nine months of fiscal 2023 was $5.2 million compared with $3.5 million in the same period
of fiscal 2022. SG&A expense in the first nine months of fiscal 2023 was $5.3 million compared with $5.1 million in
the prior year period.
loss was $3.5 million for the fiscal third quarter 2023, compared to a net loss of $2.8 million in the prior year
period. Net loss for the first nine months of fiscal 2023 was $8.7 million compared with $8.6 million in the same
period of fiscal 2022.
of June 30, 2023, the Company had cash and cash equivalents of $3.1 million, compared to $8.1 million in cash and cash
equivalents and $3.0 million in short term investments as of September 30, 2022. The Company had working capital of $3.1 million
as of June 30, 2023, compared to working capital of $9.1 million as of September 30, 2022.
July 27, 2023, the Company consummated an underwritten public offering of its common stock from which the Company received $5.2 million
in net proceeds. In addition, the Company sold common stock under the ATM program from which the Company received net proceeds of $2.5
Company had no debt outstanding as of June 30, 2023.
Call and Webcast Information
August 14, 2023 - 4:30 PM Eastern Time
ID (required for entry): NEURO
through August 28, 2023
Medical Technologies Corporation is a developmental stage company committed to providing minimally invasive and hi-definition solutions
for EEG recording, brain stimulation and ablation solutions for patients suffering from epilepsy, Parkinson's disease, dystonia, essential
tremors, chronic pain due to failed back surgeries and other related neurological disorders that may improve patient outcomes and reduce
procedural costs. The Company may also pursue applications for other areas such as depression, mood disorders, pain, incontinence, high
blood pressure, and artificial intelligence. For more information, visit nmtc1.com.
press release may include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended. Except for statements of historical fact, any information contained in
this presentation may be a forward-looking statement that reflects NeuroOne's current views about future events and are subject
to known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements
to be materially different from the information expressed or implied by these forward-looking statements. In some cases, you can identify
forward-looking statements by the words or phrases "may," "might," "will," "could," "would,"
"should," "expect," "intend," "plan," "objective," "anticipate," "believe,"
"estimate," "predict," "project," "potential," "target," "seek," "contemplate,"
"continue, "focused on," "committed to" and "ongoing," or the negative of these terms, or other comparable
terminology intended to identify statements about the future. Forward-looking statements may include statements regarding the development
of the Company's electrode technology program, applications for, or receipt of, regulatory clearance, the timing and extent of product
launch and commercialization of our technology, receipt of revenues from sale of the sEEG electrodes, timing and success of any clinical
and pre-clinical testing, development of our OneRF, SCS and drug delivery programs, business strategy, market size, potential growth
opportunities, future operations, future efficiencies, and other financial and operating information. Although NeuroOne believes that
we have a reasonable basis for each forward-looking statement, we caution you that these statements are based on a combination of facts
and factors currently known by us and our expectations of the future, about which we cannot be certain. Our actual future results may
be materially different from what we expect due to factors largely outside our control, including risks that the partnership with Zimmer
Biomet may not facilitate the commercialization or market acceptance of our technology; whether due to supply chain disruptions, labor
shortages, the impact of COVID-19 or otherwise; risks that our technology will not perform as expected based on results of our pre-clinical
and clinical trials; risks related to uncertainties associated with the Company's capital requirements to achieve its business objectives
and ability to raise additional funds: the risk that we may not be able to secure or retain coverage or adequate reimbursement for our
technology; uncertainties inherent in the development process of our technology; risks related to changes in regulatory requirements
or decisions of regulatory authorities; that we may not have accurately estimated the size and growth potential of the markets for our
technology; risks relate to clinical trial patient enrollment and the results of clinical trials; that we may be unable to protect our
intellectual property rights; and other risks, uncertainties and assumptions, including those described under the heading "Risk
Factors" in our filings with the Securities and Exchange Commission. These forward-looking statements speak only as of the
date of this press release and NeuroOne undertakes no obligation to revise or update any forward-looking statements for any reason,
even if new information becomes available in the future.
Federal law restricts this device to sale by or on the order of a physician.
Medical Technologies Corporation
| June 30, 2023 | September 30, 2022 | |||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 3,083,458 | $ | 8,160,329 | ||||
| Short-term investments | - | 2,981,010 | ||||||
| Accounts receivable | - | 33,237 | ||||||
| Inventory | 1,516,527 | 704,538 | ||||||
| Prepaids and other | 278,786 | 296,649 | ||||||
| Total current assets | 4,878,771 | 12,175,763 | ||||||
| Intangible assets, net | 95,156 | 111,892 | ||||||
| Right-of-use asset | 197,324 | 181,355 | ||||||
| Property and equipment, net | 586,873 | 353,599 | ||||||
| Total assets | $ | 5,758,124 | $ | 12,822,609 | ||||
| Liabilities and Stockholders' Equity | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 958,811 | $ | 927,662 | ||||
| Accrued expenses and other liabilities | 789,097 | 715,839 | ||||||
| Deferred revenue | - | 1,455,188 | ||||||
| Total current liabilities | 1,747,908 | 3,098,689 | ||||||
| Operating lease liability, long term | 88,918 | 119,556 | ||||||
| Total liabilities | 1,836,826 | 3,218,245 | ||||||
| Commitments and contingencies (Note 4) | ||||||||
| Stockholders' equity: | ||||||||
| Preferred stock, $0.001 par value; 10,000,000 shares authorized as of June 30, 2023 and September 30, 2022; no shares issued or outstanding as of June 30, 2023 and September 30, 2022. | - | - | ||||||
| Common stock, $0.001 par value; 100,000,000 shares authorized as of June 30, 2023 and September 30, 2022; 17,862,162 and 16,216,540 shares issued and outstanding as of June 30, 2023 and September 30, 2022, respectively. | 17,862 | 16,217 | ||||||
| Additional paid-in capital | 63,454,618 | 60,414,959 | ||||||
| Accumulated deficit | (59,551,182 | ) | (50,826,812 | ) | ||||
| Total stockholders' equity | 3,921,298 | 9,604,364 | ||||||
| Total liabilities and stockholders' equity | $ | 5,758,124 | $ | 12,822,609 |
accompanying notes to condensed financial statements
Medical Technologies Corporation
Statements of Operations
| For the Three Months Ended | For the nine Months Ended | |||||||||||||||
| June 30, | June 30, | |||||||||||||||
| 2023 | 2022 | 2023 | 2022 | |||||||||||||
| Product revenue | $ | 629,906 | $ | 32,049 | $ | 1,210,661 | $ | 102,381 | ||||||||
| Cost of product revenue | 386,240 | 38,462 | 947,799 | 158,113 | ||||||||||||
| Product gross profit (loss) | 243,666 | (6,413 | ) | 262,862 | (55,732 | ) | ||||||||||
| Collaborations revenue | - | - | 1,455,188 | 6,374 | ||||||||||||
| Operating expenses: | ||||||||||||||||
| Selling, general and administrative | 1,862,389 | 1,529,670 | 5,347,234 | 5,090,018 | ||||||||||||
| Research and development | 1,891,512 | 1,225,351 | 5,161,322 | 3,491,193 | ||||||||||||
| Total operating expenses | 3,753,901 | 2,755,021 | 10,508,556 | 8,581,211 | ||||||||||||
| Loss from operations | (3,510,235 | ) | (2,761,434 | ) | (8,790,506 | ) | (8,630,569 | ) | ||||||||
| Other income, net | 41,462 | 1,707 | 66,136 | 5,300 | ||||||||||||
| Loss before income taxes | (3,468,773 | ) | (2,759,727 | ) | (8,724,370 | ) | (8,625,269 | ) | ||||||||
| Provision for income taxes | - | - | ||||||||||||||
| Net loss | $ | (3,468,773 | ) | $ | (2,759,727 | ) | $ | (8,724,370 | ) | $ | (8,625,269 | ) | ||||
| Net loss per share: | ||||||||||||||||
| Basic and diluted | $ | (0.20 | ) | $ | (0.17 | ) | $ | (0.52 | ) | $ | (0.54 | ) | ||||
| Number of shares used in per share calculations: | ||||||||||||||||
| Basic and diluted | 17,578,871 | 16,193,442 | 16,740,546 | 15,927,734 |
accompanying notes to condensed financial statements